My Top Business TipsMy Top Business Tips

About Me

My Top Business Tips

Hello, my name is Harold and this is my new blog. I would like to give everyone some top business tips which will help them to succeed and thrive. I am now 74 years old. I have been involved in setting up my own businesses since I was a young man of 21, so believe me when I say that I have taught myself a thing or two along the way. I see some young people today dressed in their flashy suits, speaking jargon and I despair. I hope you find my blog useful and the advice it contains helps your business to grow.


Latest Posts

Tips for Purchasing an Engagement Ring
31 August 2023

It can be challenging to choose a diamond engageme

Two Reasons Why Supermarket Owners Should Sell Rare Earth Magnets
6 March 2023

Here are a couple of reasons why supermarket owner

Three Tips to Maintain Your New Buffalo Lawn in Excellent Health and Condition
25 August 2022

Buffalo turf is popular due to its drought and sha

How to Kick off Your Hydroponics Adventure
21 March 2022

Do you believe that you have a green thumb but can

Which Cut Should You Choose When Purchasing Your First Diamond Engagement Ring?
27 October 2021

Admittedly, shopping for a diamond engagement ring


How to Select the Best Body Corporate Management Company

Some inexperienced owners of strata property may not be sure about what they should consider when they are selecting a body corporate management company to manage their strata property. This article discusses some issues that you should investigate regarding financial management as you shortlist body corporate management firms.

How Accounts Are Managed

Some body corporate management firms have trust accounts in addition to their business accounts. Such managers may be better than those who don't have a trust account. This separation of accounts makes it easy to trace how the different collections are used.

You should also make sure that you confirm that any interest that may be generated on the trust account is paid back to the owners of the strata property. The annual financial reports can provide this information.

The Magnitude of Audits Performed

Body corporate management companies often control large sums of money. The best body corporate firms usually pay for annual audits by external entities in order to constantly improve how they handle those funds in their care. It is therefore advisable for you to select a body corporate management firm that proves to you that they have a culture of regularly auditing the accounts that they manage. You will then be certain that the company is very serious about matters of financial propriety.

The Relationship Between the Manager and the Body Corporate

The strata property manager usually has a lot of power in the day-to-day affairs of managing the property. For instance, he or she usually prepares and implements the annual budgets for managing or maintaining the strata property. It is therefore good for you to select a body corporate management firm that always draws up detailed contracts for the managers that they assign to the strata properties in their care. Such management contracts spell out the roles and limits of the manager's powers so that the strata property owners get value for their money without any conflicts with the manager.

Selecting a body corporate entity to manage strata property is a serious matter that should never be decided in a hurry. Gather all the necessary information from the companies competing for your business. You can also consult a solicitor who is experienced in these matters so that you can be helped to select the best body corporate management firm. That selected manager will then ensure that the property is well managed so that it retains or even increases in value as time goes by.